Finance & Investment Tips: What is the Probate Process

Probate is a process whereby an individual passes away without a will, or with a will and not a trust, and must go through a lengthy court process. To avoid having your surviving loved ones deal with the court process or state rules on your personal financial matters, speak to an attorney about your estate administration in Tracy .

If your estate ends up in probate, your assets will be completely tied up until a judge determines that creditors and tax obligations are satisfied. While an estate planning attorney can still offer assistance with probate matters, the process takes longer, costs more, and is more public than if a last will and testament had been left. Probate is completely avoidable if you arrange your financial affairs with an attorney before you pass away. By creating a will and trust, you can ensure that your assets will be equitably and efficiently divided according to your wishes.